Dow Jones Industrial Average

Growth momentum: The previous 54.0 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 51.3 versus 51.2 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 85.3 versus 53.9 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Inflation repricing: The market expected 2.8%, unchanged from the previous 2.8%, so the release mainly mattered through surprise risk. Inflation data changes how restrictive central banks may need to stay, so rates and currencies can move quickly. For equities, that changes growth expectations and the discount-rate path.